Philippines’ Union bank, a key investment bank of the world, has made an important remark upon the status of the blockchain.
It has recently applied blockchain technology in many internal processes. The reason is to cut the operative budget while, at the same time, further discovering the new technology.
According to Chief Executive Officer, Edwin R. Bautista, said that the company has already launched many internal blockchain applications. The aim is to put blockchain in many internal processes, so that, it will help to learn the techniques that can be offered for many customers.
The Philippines is determining a welcoming environment for the cryptocurrency field. The country moved to agree on the operation of ten different digital currency and blockchain companies in its economic zone. Also, Union Bank itself showed its interest in the field in early 2018.
The seventh-largest bank in the country ran Bitcoin miners at the Business World Economic Forum 2018 in order to research and discover how it works. To adopt the technology, this Union bank blockchain info started using in its internal processes by putting its general circulars and operating manuals into the blockchain, allowing the more well-organized distribution of the materials to the employees of the bank.
Aside from this, the bank has even launched last quarter a clearing system that attaches rural banks through blockchain technology. Dubbed as Project i2i, the clearing system streamlines bank processes like inter-bank funds transfer, financial and accounting reports, remittance, know-your-customer process and branch locating. Union Bank has even booked a net income of P1.80 billion in the second quarter, down 20.2 percent year-on-year, on the back of lower various income.
According to Live Bitcoin News, in the meantime, the Union bank blockchain info is set to offer up to 300 million common shares through a stock right starting from September to December. The Commonwealth Bank of Australia was selected by the World Bank to issue the world’s first blockchain bond on a private Ethereum blockchain.
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